hell, ya can't buy that sh1t now with cash...
Posted on 04/06/2021 12:17:26 PM PDT by EBH
The U.S. financial services sector is getting edgy as the Federal Reserve’s initiative for a digital dollar or Fedcoin steps up its research to reveal prototypes as soon as July, Bloomberg reported on Monday (March 22).
The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, at work on the research and creation of prototypes for a Fedcoin platform, could unveil their findings in July, according to James Cunha, the project leader for the Boston, per Bloomberg.
Banks fear that such a reality could cut into their own profits, prompting the industry’s central trade group — the American Banking Association (ABA) — to lobby Congress that a digital dollar is unnecessary.
“Rushing anything of this potential magnitude could introduce unintended consequences that threaten the stability of the banking system without contributing meaningfully to economic inclusion,” said Steve Kenneally, senior vice president of payments at the ABA, per Bloomberg.
Governments in the U.S. and elsewhere started seriously looking into developing a digital currency following the escalation in popularity and $1 trillion-plus market value of bitcoin, Ethereum and other cryptocurrencies. The new e-money would be issued by central banks and used in conjunction with paper cash, unlike crypto.
“Everyone is afraid that you could disrupt all the incumbent players with a whole new form of payment,” said Michael Del Grosso, an analyst for Compass Point Research & Trading, per Bloomberg.
Treasury Secretary Janet Yellen said that the Fed’s project has merit because it could benefit unbanked and underbanked Americans. A Fedcoin or equivalent has the potential to sidestep the middleman between commercial banks or credit card networks. Because settlement would be in near-real-time, chances for fraud would be reduced. Yellen said at a recent conference that a digital currency launched by the Fed and tied to the blockchain could result in payments that are faster, safer and less expensive.
Treasury veteran Ed Wilson, a partner at financial regulations firm Venable, told PYMNTS' Karen Webster that he thinks advanced tech is necessary to control fraud as cryptocurrencies move further into the financial services ecosystem.
Jeremy Allaire, CEO of the FinTech firm Circle, told Karen Webster in October 2020 that he believed time is closing in on the acceptance of stablecoins and other crypto-assets, and that they could soon be reliable payments tools across P2P, C2B and B2B commerce.
What’s more, these people work for US !
Government is out of control.
Try buying guns or ammo w digital currency.....
How will foreign aid to Ukraine be circled back to the BiXidens?
This will cause a huge spike in Bitcoin and Ethereum- as people who desire privacy will stay away from the tyranny of Fedcoin.
Sure, it might if the Feds didn’t simply outlaw those alternatives like they outlawed private ownership of gold bullion when they got into the fiat currency business.
The vast majority of currency is electrons now.
Many local stores are moving away from cash. Costs to much.
Imagine - e-currency where you can be cancelled at any time by the powers that be. Wrongthing = your money is no good.
Stick with cash.
wrong thing = “wrong think”
three party transfer... buyer seller fed
more like an account with the govt
that uses a QR code instead of a debit card
I simply use a credit card for pretty much everything and just pay it off at the end of the month. Almost all my spending is “digital” currency.
Better learn how to barter and get used to doing deals in out of the way places.
Fedcoin will ban bitcoin
Remember when they outlawed gold? Very soon all cash transactions and bartering will be a crime.
At some point, the government will say that in 90 days (or some other time frame), all cash must be redeemed under the "new system" or it will be considered worthless.
bmp
I hate credit cards, but they’re too convenient to not use.
hell, ya can't buy that sh1t now with cash...
The "chargeback" is one real plus for credit cards. If you dispute a charge and cannot get satisfaction from the merchant, you can ask the credit card company to intervene and cancel the charge. You can't do that with a debit card, ACH transfer, or bitcoin.
Fahrenheit 45$💲
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